Louisiana-Corporate, Personal Income Taxes: Solar Energy Tax Credit Limit Reached
The Louisiana Department of revenue (LDR) has announced that taxpayers purchasing residential solar energy systems would no longer receive corporate or personal income tax credits under the state's solar tax credit program. The LDR approves tax credit claims on a first-come, first-served basis, based on the date a tax return is filed. Presently, the number of claims submitted for the tax credit exceeds the amount of money available to pay claims under the solar tax credit program that ends on December 31, 2017. Taxpayers who have not received refunds under the 2016 fiscal year cap will be notified in writing about their eligibility for deferred claims under the $10 million cap for fiscal year 2016-2017 or the $5 million cap for the fiscal year 2017-2018. Any taxpayer who is denied a tax credit due to lack of funds will receive a certified letter of denial from the LDR. The full press release can be viewed at http://www.rev.state.la.us/NewsAndPublications/PressReleaseDetails/5435.
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Trump and Clinton Tax Positions Tighten
As both major Presidential candidates' campaigns get into full gear, some of their positions on tax have become clearer, while others are still up in the air.
IRS and Security Summit Partners Warn of Fake Tax Bill Emails
The IRS issued an alert to taxpayers to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act. The IRS has received numerous reports around the country of scammers sending a fraudulent version of CP2000 notices for tax year 2015. Generally, the scam involves an email that includes the fake CP2000 as an attachment. The CP2000 is a notice commonly mailed to taxpayers through the United States Postal Service.
2017 Tax Rates Projected to Go Down, IRS Penalties Go Up
With upward penalty adjustments, the cost of noncompliance for taxpayers again increases in 2017, but individuals and businesses also can look forward to potentially lower tax liability because of higher deductions and credits.